Suburb Profile Report for Carnegie VIC (3163)

Carnegie House: Median price $1,465,000, Annual capital growth 6.88%, Number of sales 80, Weekly median advertised rent $545

Carnegie Unit: Median price $550,000, Annual capital growth 4.43%, Number of sales 233, Weekly median advertised rent $400

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales
  • House Report
  • Unit Report
  • Expert Report

Property investors who have had real estate in Carnegie, 3163 should be ok with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 3.06%

Across a shorter period, Carnegie, 3163 has seen a median price increase of -2.50% over the last quarter.

State is the 7th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.19% offered to property buyers. Sellers in Carnegie itself are offering an average vendor discount of -4.43% to real estate investors.

Residents and property investors in Carnegie have been waiting around 55 days to sell a property.

Over the last year, property investments in Carnegie, 3163 have given investors a capital gain of -5.54%. This compares very badly with the 7.50% for VIC as a whole.

Taking the average capital gain, or increase in median house value, Carnegie,3163 has racked up an average of -5.54% over the period. This ranks it number 1222th in the whole country for real estate investors looking at median house price increases.

Property investors looking for a bargain in Carnegie should be aiming for at least -5.05% off the asking price, which is the average vendor discount being achieved at the moment.

A $400 per week rent on the median house gives suburb investors a gross yield of circa 3.78%, without taking into account capital value appreciation, which has been averaging out at 4.43%.

Information supplied by:


June 2018

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Situated 12km from the Melbourne CBD, Carnegie is an established suburb where vacancy rates have tightened from 1.9% to 1.5% in the 12 months leading up to March 2018Full summary

Vacancies are squeezed further

Postcode: 3163

Median unit price: $599,000

Vacancy rate: 1.5%

Three-year growth: 12.0%

Situated 12km from the Melbourne CBD, Carnegie is an established suburb where vacancy rates have tightened from 1.9% to 1.5% in the 12 months leading up to March 2018.

The unit market in this area has been performing admirably since 2013, with an average annual growth rate of 6.2%. The median price comes in at just under $600,000, and the average rental rate comes in at $400 per week.

Initially christened as Rosstown, Carnegie is home to a bustling commercial scene. The shopping district is centred on Koornang Road and Dandenong Road. Koornang Park and the Carnegie Swim Centre are located here as well, along with Carnegie Primary School. Residents are served by the Cranbourne/Pakemham rail line, several bus routes and the Carnegie tram route.

Close
Metrics i HOUSE UNIT
$1,465,000 $550,000
-2.50% -5.82%
3.06% -5.54%
6.88% 4.43%
$545 $400
80 233
1.93% 3.78%
55 55.12

Source: CoreLogic

DSR Score for property investment : Good (H), Good (U)
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Demographics
Total population 16299
Median household income ($/weekly) 1286
Median age of persons 35
Median housing loan repayment ($/monthly) 2015
Average household size 2.3
  • Census Count Percent(%)
    20-24 years 1442 8.8
    25-34 years 3520 21.6
    35-44 years 2444 15.0
    45-54 years 1951 12.0
    55-64 years 1581 9.7
    Others 5361 32.9
    Age Group
    Census Count Percent(%)
    Not Married 5861 46.2
    Registered Married 5700 44.9
    Defacto Relationship 1129 8.9
    Social Marital Status
  • Census Count Percent(%)
    Australia 8574 55.4
    Croatia 903 5.8
    Indonesia 1346 8.7
    United Kingdom 540 3.5
    Other 1494 9.7
    Others 2624 16.9
    Country of Birth
    Census Count Percent(%)
    Buddhism 549 3.7
    Christianity 7159 48.3
    Hinduism 1112 7.5
    Judaism 1333 9.0
    No Religion 4312 29.1
    Others 371 2.5
    Religious Affiliation
  • Census Count Percent(%)
    $400-$599 583 9.4
    $800-$999 554 8.9
    $1,000-$1,249 557 8.9
    $1,500-$1,999 755 12.1
    $2,500-$2,999 576 9.3
    Others 3202 51.4
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 5550 42.2
    Not in the labour force 4128 31.4
    Employed, worked part-time 2554 19.4
    Unemployed, looking for work 475 3.6
    Employed, away from work 434 3.3
    Person Characteristics
  • Census Count Percent(%)
    Managers 1138 13.3
    Professionals 2771 32.5
    Technicians & trades workers 868 10.2
    Clerical & administrative workers 1373 16.1
    Sales 795 9.3
    Others 1588 18.6
    Occupation
    Census Count Percent(%)
    Pre-school 262 6.9
    Infants/Primary 945 25.1
    Secondary 667 17.7
    Technical or Further Educational Institution 384 10.2
    University or other Tertiary Institutions 1318 35.0
    Others 195 5.2
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 7051 46.5
    Flat, unit or apartment 4873 32.1
    Semi-detached, row or terrace house, townhouse 3197 21.1
    House or flat attached to a shop, office 39 0.3
    Improvised home, tent, sleepers out 3 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 2795 42.4
    Fully owned 1922 29.1
    Being purchased 1842 27.9
    Other tenure type 35 0.5
    Tenure Type
Census 2011, ABS
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